Business Directories

Oman to get IDB’s $176m grant for social growth

Jeddah, August 27, 2014

Oman will receive a grant of $176 million for its economic and social development for the Islamic Development Bank (IDB), a multilateral development financing institution, a report said.

IDB has allocated $987 million to back economic and social development projects and programmes in its member countries in addition to grants for Muslim communities in non-member countries, added the report in Wam, the Emirates’ official news agency.

“The allocation include $100 for Uzbekistan, $179,3 for Cameroon, $26.7 million for Lebanon, $20 million for Yemen and $10 million for Uganda,” Ahmad Mohamed Ali Al Madani, IDB president was quoted as saying in the report.

He added that Egypt received $198 million for the development of Assiut Oil Refinery and $226.8 for the development of Sharm El Sheikh International Airport, from IDB.

The Jeddah-based IDB group will also donate $150,000 for building a vocational training at an orphanage in Phnom Penh, Cambodia, $200,000 for building an educational and cultural centre in Bergamo, Italy, and $200,000 for building a vocational training centre for the Muslim community in Port Villa, Vanuatu, the report said.